Appendixes
Appendix 1: Financial statements
Schedule of Commitments as at 30 June 2005
| Notes | 2004–2005 $ | 2003–2004 $ | |
|---|---|---|---|
| By Type | |||
| Capital commitments | |||
| Land and buildings | - | - | |
| Infrastructure, plant and equipment | - | - | |
| Total Capital Commitments | - | - | |
| Other Commitments | |||
| Operating leases1 | 1,202,290 | 47,029 | |
| Total Other Commitments | 1,202,290 | 47,029 | |
| Commitments Receivable | (109,299) | 1,698 | |
| Net Commitments by Type | 1,092,991 | 45,331 | |
| By Maturity | |||
| Capital Commitments | |||
| One year or less | - | - | |
| From one to five years | - | - | |
| Over five years | - | - | |
| Total Capital Commitments | - | - | |
| Operating Lease Commitments | |||
| One year or less | 311,828 | 47,029 | |
| From one to five years | 890,462 | - | |
| Over five years | - | - | |
| Total Operating Lease Commitments | 1,202,290 | 47,029 | |
| Commitments Receivable | (109,299) | 1,698 | |
| Net Commitments by Maturity | 1,092,991 | 45,331 |
NB: Commitments are GST inclusive where relevant.
1 Operating leases included are effectively non-cancellable and comprise:
| Nature of lease | General description of leasing arrangement |
|---|---|
| Leases for office accommodation | Lease payments are subject to annual increases. The term of the lease for the Brindabella Park office is for 5 years and commenced on 1 August 2004. |
| Agreements for the provision of motor vehicles to senior executive officers | No contingent rentals exist. There are no renewal or purchase options available to Professional Services Review. |
| A lease in relation to computer equipment held as at 30 June 2005. | The lessor provides all computer equipment and software designated as necessary in the supply contract for 3 years. The initial equipment has on average a useful life of 3 years from the commencement of the contract. Professional Services Review may vary its originally designated requirement, subject to giving 3 months notice, at no penalty. |
The above statement should be read in conjunction with the accompanying notes.